Tamarack Valley Energy (TSE:TVE) Hits New 52-Week High Following Dividend Announcement

Tamarack Valley Energy Ltd (TSE:TVE) shares hit a new 52-week high during trading on Monday following a dividend announcement from the company. The stock traded as high as C$4.70 and last traded at C$4.67, with a volume of 221072 shares changing hands. The stock had previously closed at C$4.60.

The newly announced dividend which will be paid on Wednesday, January 15th. Investors of record on Wednesday, January 15th will be given a dividend of $0.0127 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $0.15 dividend on an annualized basis and a dividend yield of 3.18%. Tamarack Valley Energy’s dividend payout ratio is 65.22%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TVE. Royal Bank of Canada lifted their price target on shares of Tamarack Valley Energy from C$4.50 to C$5.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Acumen Capital lifted their target price on Tamarack Valley Energy from C$5.50 to C$6.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Canaccord Genuity Group increased their price target on Tamarack Valley Energy from C$5.00 to C$5.75 in a research note on Thursday, December 5th. National Bankshares reduced their price objective on Tamarack Valley Energy from C$7.00 to C$6.75 and set an “outperform” rating on the stock in a research note on Thursday, December 19th. Finally, BMO Capital Markets increased their target price on Tamarack Valley Energy from C$5.50 to C$6.00 in a research report on Friday, December 13th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$5.48.

Tamarack Valley Energy Stock Performance

The company has a current ratio of 0.90, a quick ratio of 0.80 and a debt-to-equity ratio of 41.72. The stock has a market capitalization of C$2.61 billion, a PE ratio of 20.83 and a beta of 2.49. The business’s 50 day moving average is C$4.36 and its 200 day moving average is C$4.05.

Insider Buying and Selling at Tamarack Valley Energy

In related news, Director Marnie Smith sold 9,668 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of C$4.42, for a total value of C$42,732.56. Company insiders own 1.32% of the company’s stock.

Tamarack Valley Energy Company Profile

Tamarack Valley Energy Ltd. engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in the Western Canadian sedimentary basin. It primarily holds interests in Cardium light oil plays in Wilson Creek/Alder Flats/Pembina, and Garrington and Lochend areas in Alberta; Viking light oil resource plays in Redwater and Westlock in Alberta, as well as in the Consort area of southeast Alberta and Hoosier area of southwest Saskatchewan; Barons Sands light oil plays located in the Penny area of Southern Alberta; and heavy oil properties located in Hatton area of Saskatchewan.